The First National Bank of Wakefield

Location
Michigan, Gogebic County, Wakefield
401 Sunday Lake Street 49968, MI

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The First National Bank of Wakefield

EstablishedJan 1910
Number of domestic offices2
Websitehttp://www.fnbwakefieldmi.com/

About The First National Bank of Wakefield

The First National Bank of Wakefield is located in Wakefield and Bessemer on the west end of Michigan's beautiful Upper Peninsula. For nearly 100 years The First National Bank of Wakefield has served Upper Michigan and Northern Wisconsin giving the finest service and commitment possible.

Local businessmen organized the FNB of Wakefield in 1910 as a private bank. Organized with $2,500.00 in capital, the bank began operating out of the Hayward, Wescott, and Murray Dry goods store on the corner of Sunday Lake St. and Nunnemacher St. A new building was built in 1912 and has been our main office since that time. In February 1919 the FNB was chartered as a national bank by the United States Treasury Department. At that time national banks had the authority to print their own currency.

In 1968 majority control was returned to local hands. By the late 1970s, due to rapid growth the original building was not adequate to serve the customers properly.

The directors of the bank recognized that a branch bank in the City of Bessemer was needed to continue our growth and to provide the City of Bessemer with local financial products and services. The new branch was opened in April 2000 and continues to grow.

The FNB of Wakefield continues looking to keep its community updated with the best customer service and financial products and services available.

Financial information

Total assets$49M
Net income$0M
Net income, quarterly$0M
Total deposits$44M
Domestic deposits$44M
Equity capital$5M
ROA0.72%
ROAQ, quarterly0.78%
ROA, pretax0.78%
ROAQ, quarterly, pretax0.78%
ROE7.75%
ROEQ, quarterly8.1%
UpdatedFeb 08, 2018

Terms and Definitions

  • Domestic deposits
    The sum of all domestic deposits, including demand deposits, money market deposits and time deposits.
  • Equity capital
    Total equity capital (includes preferred and common stock, surplus and undivided profits).
  • ROA
    Return on assets, net income after taxes and extraordinary items (annualized) as a percent of average total assets.
  • ROE
    Return on equity, annualized net income as a percent of average equity on a consolidated basis.